US officials stated that the UAE, Saudi Arabia, India, and the US will announce an agreement in order to build shipping and railway links that will connect Europe and the Middle East to India.
The announcement is expected to be made today on the sidelines of the G20 summit, which will be taking place on September 9 and 10. It is taking place at Bharat Mandapam International Exhibition-Convention Centre, Pragati Maidan, New Delhi.
The proposal will create an economic corridor linking Middle Eastern countries through rail links, which will be connected to India through shipping lanes. The European Union will also be part of the deal.
“First and foremost, it is the value proposition we see in linking these three regions of the world and enabling the flow of commerce, energy, and digital communication, that we think is going to help increase prosperity,” US Deputy National Security Adviser Mr. Jon Finer said in a press briefing.
In May, top national security officials from the four countries met in Saudi Arabia to discuss the deal, as per the reports.
G20 presidents and prime ministers will gather to discuss global economic development. The group will review the debt situation in developing countries.
In June, public and government creditors agreed to reduce debt for the second of four countries to apply to the G20’s Common Framework, a debt reduction process the group set in 2020. Private creditors have not committed to matching debt reductions. For the last two years, the G20 had a focus on increasing resources for multilateral lenders and development banks.